Energy Policy and Conservation Act / SPR creation (1975)
The 1973-74 Arab oil embargo quadrupled oil prices and triggered long gas lines across the US. Congress passed the Energy Policy and Conservation Act in 1975, establishing the Strategic Petroleum Reserve in salt caverns along the Gulf Coast.
The first crude was stored in 1977; the reserve grew steadily, exceeding 600 million barrels by 1990.
The reserve became the world's largest emergency oil stockpile, with 726.6 million barrels at its 2009 peak, designed to cushion supply shocks of up to 90 days.
The reserve's legal framework — including the 252.4-million-barrel floor for routine drawdowns — dates to this founding legislation. That floor is now roughly six weeks of current drawdown pace away.
